Death and TPD premiums and benefits

Death and Total and Permanent Disablement (TPD) insurance is offered as ‘unitised’ or ‘fixed’ cover, which refers to the amount you pay and the benefit you receive over time.

Unitised Death and TPD

Unitised cover means the cost of each unit of cover stays the same over time, however the amount of cover you get for each unit reduces as you get older. Death and TPD cover is provided as unitised cover by default, but you can choose to convert this to fixed cover at any time if you’re under age 61.

Unitised Death and TPD cover premiums

The combined premium for Death and TPD cover is lower than separate Death-only and TPD-only premiums. The premium rate will be calculated automatically when you have an equal level of Death and TPD cover, with any additional Death or TPD cover calculated at the Death-only or TPD-only rate as applicable.

 

Death only

TPD only

Death and TPD

Pricing per unit per week*

$1.03 $0.85 $1.68

*Premiums shown include stamp duty and an administration fee of 6% of the insurance premium charged to cover the costs associated with administering the insurance arrangements. The administration fee is inclusive of GST and any tax credits that are applicable to the Trustee. Note: insurance premiums are not fixed and can be expected to change from time to time. Members will be given written notice of any changes.

Unitised Death and TPD cover benefits

The table below shows the amount of Death and TPD cover# provided by one unit of cover, depending on your age next birthday

Age
(next birthday)

Amount of cover ($)

Age
(next birthday)

Amount of cover ($)

15-35

232,000

56

28,000

36

222,000

57

26,000

37

211,000

58

24,000

38

196,000

59

22,500

39

181,000

60

21,000

40

164,000

61

19,000

41

149,000

62

17,000

42

134,000

63

15,000

43

120,000

64

14,000

44

105,000

65

13,000

45

94,000

66

11,500

46

85,000

67

10,000

47

77,000

68

9,000

48

68,000

69

8,000

49

62,000

70

7,000

50

55,000

71

6,000^

51

49,000

72

5,000^

52

45,000

73

4,000^

53

40,000

74

3,200^

54

36,000

75

2,500^

55

32,000 

 

 

# If Death-only cover is selected, the amount of insured benefit per unit of Death-only cover is the same as for Death and TPD in the table, however, there is no cover for TPD where Death-only cover is selected. Conversely, there is no Death cover when TPD-only is selected.

^ Death-only paid; no TPD benefit is payable. See table below

Unitised cover: an example

Amalia will turn 39 on her next birthday and she has one unit of Death and TPD cover, which gives her $181,000 of cover.

Amalia will be paying $1.68 per week or $87.36 each year. The cover will change according to her age.

The premium is deducted from your Accumulation account/component. As we receive a tax deduction for this premium, a tax adjustment is credited back to your account, effectively reducing the amount you pay.


Fixed death and TPD

Fixed cover means that the cost increases over time, however the amount of insurance you receive stays the same until you turn age 61.

You can convert your unitised Death and TPD cover to fixed cover at any time, provided you’re under the age of 61. Once you’ve converted to fixed cover, you’re not able to convert back to unitised cover.

Fixed death and TPD premiums

Fixed cover is offered in multiples of $1,000. If you choose to convert to fixed cover, your benefit will be rounded up to the nearest $1,000.

FIXED COVER ANNUAL PREMIUM RATES° PER $1,000 INSURED BENEFIT

Age
(next birthday)

Death only ($)

TPD only ($)

Death and TPD ($)

15-35

0.23

0.19

0.38

36

0.24

0.20

0.39

37

0.26

0.21

0.41

38

0.28

0.22

0.44

39

0.30

0.24

0.49

40

0.33

0.28

0.53

41

0.36

0.30

0.58

42

0.40

0.34

0.66

43

0.46

0.37

0.73

44

0.51

0.42

0.84

45

0.58

0.48

0.93

46

0.64

0.52

1.03

47

0.71

0.58

1.13

48

0.79

0.66

1.29

49

0.88

0.72

1.41

50

0.97

0.80

1.59

51

1.10

0.90

1.79

52

1.20

0.98

1.95

53

1.34

1.10

2.19

54

1.49

1.23

2.44

55

1.67

1.38

2.73

56

1.93

1.58

3.12

57

2.08

1.69

3.37

58

2.24

1.84

3.65

59

2.38

1.96

3.89

60

2.55

2.11

4.17

61

2.83

2.32

4.61

62

3.16

2.59

5.15

63

3.58

2.94

5.83

64

3.83

3.16

6.26

65

4.13

3.39

6.73

66

4.67

3.83

7.61

67

5.37

4.40

8.76

68

5.96

4.90

9.73

69

6.71

5.51

10.95

70

7.66

6.30

12.50

71

8.94

n/a^

8.94

72

10.73

n/a^

10.73

73

13.40

n/a^

13.40

74

16.75

n/a^

16.75

75

21.44

n/a^

21.44

° Premiums shown include stamp duty and an administration fee of 6% of the insurance premium charged to cover the costs associated with administering the insurance arrangements. The administration fee is inclusive of GST and the benefit of any tax credits that are applicable to the Trustee. Note, insurance premiums are not fixed and can be expected to change from time to time. We will notify you in writing of any changes to your insurance cover.

^ Death-only paid; no TPD benefit is payable. See table below

Fixed death and TPD Benefits

If you have fixed cover, your Death benefit does not change, however your TPD sum insured will reduce annually from your 61st birthday as follows

Fixed Death and TPD benefit—Over age 61

Age Death Benefit TPD benefit

61

100%

90%

62

100%

80%

63

100%

70%

64

100%

60%

65

100%

50%

66

100%

40%

67

100%

30%

68

100%

20%

69

100%

10%

70-74

100%

Nil

75

Nil

Nil

Fixed cover: an example

David will turn 52 on his next birthday and he has $100,000 of Death and TPD cover. David will be paying $1.95 per $1,000 of cover, and his total cost will be $195 each year (or $3.75 weekly).

The premiums payable will change according to your age.


Changing your cover

You can apply to increase or cancel your insurance cover by logging in to your account.
Learn more about changing your insurance cover.

Need some advice?

UniSuper Advice helps thousands of members navigate the financial side of important life events each year.

Talk to UniSuper Advice on 1800 UADVICE (1800 823 842) and see how they can help you.

This page provides a snapshot of the types of insurance cover that may be available to UniSuper members. Before making any decisions, read the PDS relevant to your membership category and the Insurance in your super booklet.